Step 1: Take a peak at your checking account.
Pick one non- essential thing where you spend your money. Non- essential expenses are not essential to meet your needs. You may want these things because you like or enjoy them but they are not necessary for your survival.
It might be for entertainment or eating out.
Maybe you could cancel your memberships, and magazine subscriptions.
Drive your car less. Consider using public transportation, walking or riding a bike to and from work.
Raise the deductible on your insurance policies to lower your monthly premiums. Be prepared to pay the deductible though, if an emergency does happen.
Skip restaurant lunches and pack your lunch—every day.
Use netflix instead of going to the movies.
Make your morning coffee instead of buying.
Do not use your credit card for one month. Pay with cash.
Cut down on your electric bill. In the summer, close blinds, use fans and turn air conditioner down while you are not home.
Use the 30 day rule. It is a simple method to control impulse spending. Here’s how it works: Whenever you feel the urge to splurge — whether it’s for new shoes, a new video game, or a new car — force yourself to stop. If you’re already holding the item, put it back and leave the store. For the next thirty days, think whether you really want the item, but do not buy it. If, at the end of a month, the urge is still there, then consider purchasing it. (But do not use credit to do so.)
Step 2: Pick a goal.
Pick a goal that is right for you and your family.
You may want to take a vacation at the end of the year.
You may want to pay off your credit cards.
You may want to build up your saving account. Money for your children’s college.
Save money for a down payment on a house.
Money for retirement.
Think of your goal every time you save money. This will help you meet your goal.
Remember no spending does not mean NO fun. Pick things that you feel are non-essential for you.